DFDS profit of 12,9m dollar in 1H
SHIPPING: DFDS profit rose from a deficit of 43m kroner in the first half of 2009 - to a profit of 75m kroner in 1st half-year 2010. In Q2 the pre-tax profit improved by 120 million kroner, to 156 million kroner, excluding costs related to Norfolkline.
Financial performance for DFDS' ro-ro freight routes, port terminals and passenger routes was better than expected in Q2. As a result, the pre-tax profit forecast for the full year, excluding items related to Norfolkline, is upgraded to 275 million kroner.
"Performance was strong in the second quarter due to a combination of increased freight volumes, improved earnings on passenger routes and more efficient operations. We will maintain our focus on streamlining operations and the integration of DFDS and Norfolkline in the second half of the year. The integration process has been underway since 12 July, and is running according to plan," says CEO Niels Smedegaard.
Significant events in Q2 (compared with Q2 2009):
Revenue rose by 18.4% to 1,951 million kroner
Operating profit before depreciation (EBITDA) rose by 48.3% to 345 million kroner, excluding costs related to Norfolkline of 16 million kroner
Pre-tax profit improved by 120 million kroner, to 156 million kroner, excluding costs related to Norfolkline
Earnings from ro-ro freight routes were boosted by volume growth in all markets and the strengthening of the Swedish kroner
Earnings from passenger routes increased partly as a result of higher demand due to the volcanic ash cloud
Profit expectation excluding Norfolkline: The expectation for pre-tax profit is upgraded by 75 million kroner to approx. 275 million kroner, excluding items related to Norfolkline
Profit expectation including Norfolkline: For the combined company, a pre-tax profit of approx. 325 million kroner is expected. After transaction, integration and financing costs of approx. 150 million kroner, the total profit expectation is a pretax profit of approx. 175 million kroner.
Source: DFDS / maritimedanmark.dk
